A linear demand curve:
A. has a constant elasticity.
B. will be more elastic when price is low and more inelastic when price is high.
C. must be either perfectly inelastic or perfectly elastic.
D. has a constant slope.
D. has a constant slope.
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If the social cost of producing a good exceeds the private cost,
A) a negative externality exists. B) no externalities exist. C) a positive externality exists. D) the market is efficient.
________ protection, similar to the escape clause in U.S. law, refers to temporary protection given to local industries facing competition from fairly traded foreign products
A) Safeguards B) Countervailing duty C) Fair trade D) Competitive trade
As incomes increase worldwide, in addition to increased energy use, we expect to see use (and relative share) of grains and oilseeds used for animal feed
a. increase in highly developed economies only b. to decrease worldwide c. to increase worldwide d. stay at relatively the same share
The improvement in human capital can be shown by a(n)
A. increase along the production function. B. decrease along the production function. C. shift up of the production function. D. shift down of the production function.